Quotes about economics
page 9

“To put it bluntly, the discipline of economics has yet to get over its childish passion for mathematics.”

Thomas Piketty book Capital in the Twenty-First Century

Source: Capital in the Twenty-First Century (2013), p. 32.

Mathematics, Passion

“In economics, hope and faith coexist with great scientific pretension and also a deep desire for respectability.”

John Kenneth Galbraith (1908–2006) American economist and diplomat

The New York Times Magazine (7 June 1970)

Faith, Hope

“There are mistakes, which governments have been doing when they were trying to face the economic crisis, since 2008. Slow choices, sometimes insufficient, sometimes wrong, never neutral. Political choices made by political governments which must assume their responsibility on them. In Italy we have adopted forward-looking choices, economically speaking, we have adopted austerity as leading value. Now it is time to work on development and growth, to create jobs and exit this crisis.”

Federica Mogherini (1973) Italian politician

As quoted in "Mogherini: Italy will play a major role" in eunews (12 January 2014).

Time

“… a rather different class of applications of the idea of best allocation of scarce resources… usually referred to as the theory of optimal economic growth. In most studies of this kind made in the countries with market economies there is not an identifiable client to whom the findings are submitted as policy recommendations. Nor is there an obvious choice of objective function, such as cost minimization or profit maximization in the studies addressed to individual enterprises. The field has more of a speculative character. The models studied usually contain only a few highly aggregated variables. One considers alternative objective functions that incorporate or emphasize various strands of ethical, political, or social thought. These objectives are then tried out to see what future paths of the economy they imply under equally simplified assumptions of technology or resource availability.”

Tjalling Koopmans (1910–1985) Dutch American economist

Source: Concepts of Optimality and Their Uses, 1975, p. 244

Idea, Optimism, Study, Future

“The…philosophical reason for which we are against nationalisation and for private enterprise is because we believe that economic progress comes from the inventiveness, ability, determination and the pioneering spirit of extraordinary men and women. If they cannot exercise that spirit here, they will go away to another free enterprise country which will then make more economic progress than we do. We ought, in fact, to be encouraging small firms and small companies, because the extent to which innovation comes through these companies is tremendous.”

Margaret Thatcher (1925–2013) British stateswoman and politician

Speech to Conservative Party Conference (20 October 1967) http://www.margaretthatcher.org/document/101586 Backbench MP

Women, Men, Exercises, Country

“In this essay on econometrics in its conception and its use in economic planning for the betterment of man’s fate, I will try to cover a very broad field.
When talking about the methodology in the particular fields mentioned - about which I am supposed to have a little more than second hand knowledge - I have always found it utterly inadequate to focus attention only on these special fields without seeing them in a much broader perspective.
Therefore it was inevitable that I should have to include in the field of vision of this paper also some branches of science where I can only speak as a layman, hopefully as a somewhat informed layman. For whatever blunders I may have made in these fields I must ask for the reader’s forgiveness”

Ragnar Frisch (1895–1973) Norwegian economist

Source: 1970s and later, From Utopian Theory to Practical Applications, 1970, p. 9 : Lead paragraph

Fate, Forgiveness, Knowledge, Science

“Winston Churchill said that democracy was the worst possible form of government, except for all the others. Maybe we can say the same about capitalism. For all of its faults, it gives most hardworking people a chance to improve themselves economically, even as the deck is stacked in favor of the privileged few… Here are the choices most of us face in such a system: Get bitter or get busy.”

Bill O'Reilly (1949) American political commentator, television host and writer

[2000-09-12, The O'Reilly Factor: The Good, the Bad, and the Completely Ridiculous in American Life, Broadway Books, 12, 9780767905282, 00057892, 731339075, 6035584W]
Quoted in [2001-04-05, http://www.foxnews.com/story/0,2933,2517,00.html, "Sample Chapter of The O'Reilly Factor", FoxNews.com, 2007-09-20]

People, Democracy, Business, Chance

“Various expedients have been tried in the past for bringing together capital and labour to the greatest advantage of the community at large. Western countries such as Germany, Denmark, England have found out by experience that the best method of doing this is by a co-operation of the workers for purposes of mutual benefit. This idea of co-operation is based on the great principle of self-help and combination Self-help and combination for mutual benefit are, in fact, essential for our advancement as a community and Co-operative Societies bring these two forces together for our economic advantage, a thing which the most ignorant person can understand, work for and profit by.”

Krishna Raja Wadiyar IV (1884–1940) King of Mysore

Spoke on the occasion of the Economic Conference held during Dussera festival 1911 which brought wide awareness of the people on the effectiveness of Cooperative Societies. Modern_Mysore, Dr. B. R. Ambedkar Open University, 26 November 2013, archive.org, 206-07 http://archive.org/stream/modernmysore035292mbp/modernmysore035292mbp_djvu.txt, As ruler of the state

Communication, Idea, Understanding, Past

“Like any major intellectual contribution, Keynes's ideas were bitterly criticized. To many people it seems obvious that massive economic slumps must have deep roots. To them, Keynes's argument that they are essentially no more than a problem of mixed signals, which can be cured by printing a bit more money, seems unbelievable.”

Paul Krugman book Peddling Prosperity

Source: Peddling Prosperity (1994), Ch. 1 : The Attack on Keynes

Money, People, Idea, Problem

“Notwithstanding the predominant role in academic economic theory that Keynes and Keynesian economics achieved during the twentieth century, his basic outlook and policy recommendations were shaped by the particular experiences of the British Empire’s waning years.”

Alan O. Ebenstein (1959) American political scientist, educator and author

Hayek's Journey: The Mind of Friedrich Hayek (2003)

“It is above all the impersonal and economically rationalized (but for this very reason ethically irrational) character of purely commercial relationships that evokes the suspicion, never clearly expressed but all the more strongly felt, of ethical religions. For every purely personal relationship of man to man, of whatever sort and even including complete enslavement, may be subjected to ethical requirements and ethically regulated. This is true because the structures of these relationships depend upon the individual wills of the participants, leaving room in such relations for manifestations of the virtue of charity. But this is not the situation in the realm of economically rationalised relationships, where personal control is exercised in inverse ratio to the degree of rational differentiation of the economic structure.”

Max Weber (1864–1920) German sociologist, philosopher, and political economist

Source: Sociology of Religion (1922), pp. 216-217

Religion, Exercises, Dependency, Personality

“And finally after months of really a cold war [between his father and him] he made a very generous agreement with me that if I would get a Ph. D. so that I would be equipped to teach in a college as an economic insurance, he would give me fifty dollars a week for the rest of my life to do whatever I wanted to do on the assumption that with fifty dollars I could not starve but it would be no inducement to last. So with that agreed on Harvard then - it was actually the last year - Harvard still had the best philosophy school in the world. And since I had taken my degree at Stanford in philosophy, and since he didn't care what the Ph. D. was in, I went on to Harvard.”

Robert Motherwell (1915–1991) American artist

'Oral history interview with Robert Motherwell', 1971 Nov. 24 - 1974 May 1, Archives of American Art, Smithsonian Institution
after 1970

Life, War, World, School

“Social, political and economic institutions have become larger, considerably more complex and resourceful, and prima facie more important to collective life. Many of the major actors in modern economic and political systems are formal organizations, and the institutions of law and bureaucracy occupy a dominant role in contemporary life.”

James G. March (1928–2018) American sociologist

Source: Rediscovering institutions, 1989, p. 1-2

Life, Law

“The Korean economic miracle was the result of a clever and pragmatic mixture of market incentives and state direction.”

Ha-Joon Chang book Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism

Prologue, p. 15
Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism (2008)

“The outcome of the Brexit Referendum could very likely to prove to be as significant and as beneficial to Europe as the fall of the Berlin Wall in 1989. And the benefits of Brexit won’t just be felt in the UK and Europe - many African countries may reap long-term economic and political benefits from Britain’s vote to leave the European Union. Project Fear’s apocalyptic claims turned out to be bunkum. We are not in the midst of World War Three. Western Civilization has not collapsed.”

Peter Whittle (politician) (1961) British author, politician, and journalist

100 Reasons to be Cheerful about the Brexit Results http://www.peterwhittleam.com/press-releases/100-reasons-to-be-cheerful-about-the-brexit-result (September 30, 2016)

War, World, Fear, Country

“Was there something distinctive about American civil society that gave democracy a better chance than in France, as Tocqueville argued? Was the already centralized French state more likely to produce a Napoleon than the decentralized United States? We cannot be sure. But it is not unreasonable to ask how long the US constitution would have lasted if the United States had suffered the same military and economic strains that swept away the French constitution of 1791.”

Niall Ferguson book Civilization: The West and the Rest

Civilization: The West and the Rest (2011)

Democracy, Suffering, Chance

“Our national goals involve leap-frogging from a state of economic backwardness and social disabilities attempting to achieve in a few decades a change which has incidentally taken centuries in other countries and in other lands. This involves innovative at all levels.”

Vikram Sarabhai (1919–1971) (1919-1971), Indian physicist

In the post-Nehru era with his vision on “Television and Development” quoted in [Joshi, Puran Chandra, Communication and National Development, http://books.google.com/books?id=re46IrFLtQ8C&pg=PR25, 1 January 2002, Anamika Publishers & Distributors, 978-81-7975-013-1, xxv]page xxv.

Change, Country

“Racism should be viewed as an intervening variable. You give me a set of conditions and I can produce racism in any society. You give me a different set of conditions and I can reduce racism. You give me a situation where there are a sufficient number of social resources so people don't have to compete for those resources, and I will show you a society where racism is held in check. If we could create the conditions that make racism difficult, or discourage it, then there would be less stress and less need for affirmative action programs. One of those conditions would be an economic policy that would create tight labor markets over long periods of time. Now does that mean that affirmative action is here only temporarily? I think the ultimate goal should be to remove it.”

William Julius Wilson (1935) American sociologist

Interview with Mother Jones.

People, Thinking, Time

“No more important development has taken place in the last year than the beginning of a restoration of agriculture to a prosperous condition. We must permit no division of classes in this country, with one occupation striving to secure advantage over another. Each must proceed under open opportunities and with a fair prospect of economic equality. The Government can not successfully insure prosperity or fix prices by legislative fiat. Every business has its risk and its times of depression. It is well known that in the long run there will be a more even prosperity and a more satisfactory range of prices under the natural working out of economic laws than when the Government undertakes the artificial support of markets and industries. Still we can so order our affairs, so protect our own people from foreign competition, so arrange our national finances, so administer our monetary system, so provide for the extension of credits, so improve methods of distribution, as to provide a better working machinery for the transaction of the business of the Nation with the least possible friction and loss. The Government has been constantly increasing its efforts in these directions for the relief and permanent establishment of agriculture on a sound and equal basis with other business.”

Calvin Coolidge (1872–1933) American politician, 30th president of the United States (in office from 1923 to 1929)

1920s, Second State of the Union Address (1924)

People, Law, Business, Support

“Globalization is not in itself a folly: It has enriched the world scientifically and culturally and benefited many people economically as well.”

Amartya Sen (1933) Indian economist

Amartya Sen, "Ten theses on globalization." New Perspectives Quarterly 18.4 (2001): 9-9.
2000s

People, World

“The highest degree of consciousness, the crassest form of 'false consciousness' always manifests itself when the conscious mastery of economic phenomena appears to be at its greatest.”

György Lukács book History and Class Consciousness

Source: History and Class Consciousness (1968), p. 64

Appearance, Falseness

“We have to give a sense of economic liberation to the masses and for that, I think the basic thing we have done or we attempted to do, in the beginning, and we have not yet completed that process, is that of land reforms. I think some of the Indian states have been successful in bringing about land reforms but to get a sensation of economic empowerment in society, even a bit of land of their own, is necessary for the common people and it has been shown by Japan, Taiwan, South Korea, which have achieved remarkable economic successes, that land reform was one basic prior thing they did.”

K. R. Narayanan (1920–2005) 9th Vice President and the 10th President of India

Shri K. R. Narayanan President of India in Conversation with N. Ram on Doordarshan and All India Radio

People, Thinking, Sense, Success

“My policies are based not on some economics theory, but on things I and millions like me were brought up with: an honest day's work for an honest day's pay; live within your means; put by a nest egg for a rainy day; pay your bills on time; support the police.”

Margaret Thatcher (1925–2013) British stateswoman and politician

The News of the World (20 September 1981), quoted in Chris Ogden, Maggie: An Intimate Portrait of a Woman in Power (New York: Simon and Schuster, 1990), p. 342.
First term as Prime Minister

Support, Time

“The difficulties in economic life arise mainly because men forget divine power”

Eric Roll, Baron Roll of Ipsden (1907–2005) British economist

Source: A History of Economic Thought (1939), Chapter V, Reaction And Revolution, p. 220

Life, Men, Forgetting

“There are cynics who deny the existence of human gratitude. But it seems that I am no cynic. So convinced am I of the existence of gratitude that I see in it one of our strongest oppositions. There are millions of persons who receive favors that they forget: but gratitude does exist, and they've got to express it somewhere. They take it out by being grateful to science for all that science has done for them, a gratitude, which, according to their dull perceptions won't cost them anything. So there is economic indignation against anybody who is disagreeable to science. He is trying to rob the people of a cheap gratitude.
I like a bargain as well as does anybody else, but I can't save expenses by being grateful to Science, if for every scientist who has perhaps been of benefit to me, there have been many other scientists who have tried to strangle that possible benefit.”

Charles Fort book Lo!

Pt 1, Ch. 4
Lo! (1931)

People, Science, Personality, Forgetting

“Since I shall be indicating my disagreement with some of the points made by Professor Israel Kirzner, let me stress that I am in complete sympathy with his point of departure, namely, the emphasis on the dispersion of information among economic decision-making units (called by him, "Hayek's knowledge problem") and the consequent problem of transmission of information among those units.
Much of my own research work since the 1950s has been focused on issues in welfare economics viewed from an informational perspective. The ideas of Hayek (whose classes at the London School of Economics I attended during the academic year 1938-39) have played a major role in influencing my thinking and have been so acknowledged.”

Leonid Hurwicz (1917–2008) Russian-American economist and mathematician

Leonid Hurwicz, in "Economic Planning and the Knowledge Problem" : A Comment" in Cato Journal Vol. 4, (Fall 1984), p. 419

School, Idea, Departure, Knowledge

“The inescapable fact is that when we build a society based on greed, selfishness, and ruthless competition, the fruits we can expect to reap are economic insecurity at home and international discord abroad.”

Tommy Douglas (1904–1986) Scottish-born Canadian politician

Annual Convention of the Saskatchewan CCF, Regina, July 1951.

Home, Selfishness

“I think the government [will] lose the battle. Because for a nation to develop, the government needs to correct the information, they need to have a space for people to be involved, to discuss, to participate in the change. Otherwise, I don’t think they can really last in this kind of development, because economically it goes so fast but politically it stays the same as many, many years ago. I think even the government senses that this is impossible.”

Ai Weiwei (1957) Chinese concept artist

Ai Weiwei, “In China, Is Censorship the Mother of Creativity?” Interview on The Stream, Aljazeera, April 16, 2012.
2010-, 2012

People, Thinking, Sense, Change

“It is clear that economics, if it is to be a science at all, must be a mathematical science.”

William Stanley Jevons The Theory of Political Economy

Source: The Theory of Political Economy (1871), Chapter I, Introduction, p. 38.

Mathematics, Science

“Technology - and its relationship to organizational structures, processes, and outcomes - has long been of interest to organizational researchers. Over the years, different research perspectives on technology have developed in parallel with research perspectives on organizations - for example, contingency theory (Woodward 1965, Galbraith 1977, Carter 1984, Daft and Lengel 1986), strategic choice models (Child 1972, Buchanan and Boddy 1983, Davis and Taylor 1986, Zuboff 1988), Marxist studies (Braverman 1974, Edwards 1979, Shaiken 1985, Perrolle 1986), symbolic interactionist approaches (Kling 1991, Prasad 1993), transaction-cost economics (Malone et al. 1987, Ciborra 1993); network analyses (Barley 1990, Burkhardt and Brass 1990, Rice and Aydin 1991), practice theories (Suchman 1987, Button 1993, Hutchins 1995, Orr 1996), and structurational models”

Wanda Orlikowski American computer scientist

Barley 1986, Orlikowski 1992, DeSanctis and Poole 1994
Source: "Using technology and constituting structures", 2000, p. 404

Study

“The social democracy of Germany must fulfill the role of champions of political freedom. The task of uniting the struggle for economic independence with that for political liberty has fallen upon the German laboring class.”

Wilhelm Liebknecht (1826–1900) German socialist politician

No Compromise – No Political Trading (1899)

Democracy, Freedom

“It is an assumption brought forth countless of times in various contexts that the world would be better, drifting slower towards the ruin, if women had the "power"; if political leadership, decision making, government and economic life was in the hands of women. I think reality, the observation material, supports the assumption.”

Pentti Linkola (1932) Finnish ecologist

Women As The Protectors Of Life II (1996)

Life, Women, World, Support

“In the political, the social, the economic, even the cultural sphere, the revolutions of our time have been revolutions "against" rather than revolutions "for"… On the whole throughout this period the man--or party--that stood for doing the positive has usually cut a pathetic figure; well meaning but ineffectual, civilized but unrealistic, he was suspect alike to [by both] the ultras of destruction and the ultras of preservation and restoration.”

Peter F. Drucker (1909–2005) American business consultant

Source: 1930s- 1950s, Landmarks of Tomorrow: A Report on the New 'Post-Modern' World (1959), p. 111

Time

“The only American woman deserving a place on U. S. paper currency is, of course, Anne Hutchinson, a devout 17th century Protestant New Englander who was a fearless champion of religious liberty, family, free speech, and equality — not preference — for women in religious affairs. Perhaps a new piece of currency could be created, one to which the attachment of her portrait would do honor. Ms. Hutchinson, however, is out of contention in the Democrats’ virulent anti-Southern currency crusade because her character traits – and the fifteen children she had with one husband — just do not jive with being Modern Democratic Party Women, those who glory in, and seek legal, economic, and political preference for their talents in whining, vamping, aborting, as well as recognition for their indispensable and eagerly given help in making the United States one of the world’s industrial-scale producers of both pornography and the dismembered corpses of infants. There may be something that can be done, however. The portrait of another Democratic icon named Woodrow Wilson now adorns the $100,000 bill, which appears to be to be used mainly in transactions.”

Michael Scheuer (1952) American counterterrorism analyst

As quoted in Michael Scheuer's Non-Intervention http://non-intervention.com/1689/democrats-scourge-the-south-after-the-battle-flag-it%e2%80%99s-on-to-old-hickory/ (9 July 2015), by M. Scheuer. 2010s

Women, Children, World, Family

“We have to stop allowing economics to be used as a trump card. Capitalism is like math. It is amoral. It is good at producing wealth; it's bad at distributing wealth. Unless it operates within a moral framework it will produce an unjust society.”

Charley Reese (1937–2013) American journalist

Is Economics All There Is?, July 18, 2003

Wealth

“Relentlessly feeding on poverty and economic dislocation, a New World Order was taking shape.”

Michel Chossudovsky (1946) Canadian economist

Preface to the Second Edition, p. xxii
The Globalization of Poverty and the New World Order - Second Edition - (2003)

World

“The destruction of the British building society movement – or much of it – in the two decades after the late 1980s … was one of the great acts of economic vandalism in modern times. And the commercial banks largely abandoned locally based relationship banking in the decade before the recent financial crisis. There is now no institutional structure in place to offer countercyclical lending, particularly small and medium sized businesses, in place of the banks.”

Vince Cable (1943) British Liberal Democrat politician

Comments on demutualisation of Building Societies http://www.libdemvoice.org/vince-cable-centre-forum-speec-29033.html, 18 June 2012. 2012

Business, Time

“In 1965 alone we had 300 private talks for peace in Vietnam, with friends and adversaries throughout the world. Since Christmas your government has labored again, with imagination and endurance, to remove any barrier to peaceful settlement. For 20 days now we and our Vietnamese allies have dropped no bombs in North Vietnam. Able and experienced spokesmen have visited, in behalf of America, more than 40 countries. We have talked to more than a hundred governments, all 113 that we have relations with, and some that we don't. We have talked to the United Nations and we have called upon all of its members to make any contribution that they can toward helping obtain peace. In public statements and in private communications, to adversaries and to friends, in Rome and Warsaw, in Paris and Tokyo, in Africa and throughout this hemisphere, America has made her position abundantly clear. We seek neither territory nor bases, economic domination or military alliance in Vietnam. We fight for the principle of self-determination—that the people of South Vietnam should be able to choose their own course, choose it in free elections without violence, without terror, and without fear. The people of all Vietnam should make a free decision on the great question of reunification. This is all we want for South Vietnam. It is all the people of South Vietnam want. And if there is a single nation on this earth that desires less than this for its own people, then let its voice be heard. We have also made it clear—from Hanoi to New York—that there are no arbitrary limits to our search for peace. We stand by the Geneva Agreements of 1954 and 1962. We will meet at any conference table, we will discuss any proposals—four points or 14 or 40—and we will consider the views of any group. We will work for a cease-fire now or once discussions have begun. We will respond if others reduce their use of force, and we will withdraw our soldiers once South Vietnam is securely guaranteed the right to shape its own future. We have said all this, and we have asked—and hoped—and we have waited for a response. So far we have received no response to prove either success or failure.”

Lyndon B. Johnson (1908–1973) American politician, 36th president of the United States (in office from 1963 to 1969)

1960s, State of the Union Address (1966)

People, World, Fear, Peace

“Old-fashioned values may count when conservatives appear on the stump, but once conservatives are in office the only old-fashioned situation they care to revive is an economic regimen of low wages and lax regulations. Over the last three decades they have smashed the welfare state, reduced the tax burden on corporations and the wealthy, and generally facilitated the country’s return to a nineteenth-century pattern of wealth distribution. Thus the primary contradiction of the backlash: it is a working-class movement that has done incalculable, historic harm to working class people.The leaders of the backlash may talk Christ, but they walk corporate. Values may "matter most" to voters, but they always take a backseat to the needs of money once the elections are won. This is a basic earmark of the phenomenon, absolutely consistent across its decades-long history. Abortion is never halted. Affirmative action is never abolished. The culture industry is never forced to clean up its act.”

Thomas Frank book What's the Matter with Kansas?

Ibid. (p. 6).
What's the Matter with Kansas? (2004)

Money, History, Fashion, Appearance

“Europe could be Islamic by the end of the twenty-first century. … Will tourists in Paris in the year 2015 take a moment to visit the "mosque of Notre Dame" and the "Eiffel Minaret?" Through massive immigration and official dhimmitude from European leaders, Muslims are accomplishing today what they have failed to do at the time of the Crusaders: conquer Europe. If demographic trends continue, France, Holland, and other Western European nations could have Muslim majorities by middle of this century. … What Europe has long sown it is now reaping. In her book Eurabia, Bat Ye'or, the pioneering historian of dhimmitude, chronicles how this has come to pass. Europe, she explains, began thirty years ago to travel down a path of appeasement, accommodation, and cultural abdication in pursuit of shortsighted political and economic benefits. She observes that today, "Europe has evolved from a Judeo-Christian civilization, with important post-Enlightenment/secular elements, to a 'civilization of dhimmitude,' i. e., Eurabia: a secular-Muslim transitional society with its traditional Judeo-Christian mores rapidly disappearing." … France and Germany have pursued a different strategy, attempting to establish the European Union as a global counterweight of the United States—a strategy that involves close cooperation with the Arab League.”

Robert Spencer (1962) American author and blogger

The Politically Incorrect Guide to Islam, 2005, ISBN 0-89526-013-1, pp. 221-224 http://books.google.com/books?id=_7RD2jwMU2wC&pg=PA221

Books, Travel, Time

“The human aspect of industry has changed very considerably in the last fifty years. The nature and range of these changes are still partly unknown to us, but the question of their significance is no longer in dispute. Whereas the human problems of industry were regarded until recently as lying within the strict province of the specialist, it is now beginning to be realized that a clear statement of such problems in particular situations is necessary to the effective thinking of every business administrator and every economic expert.”

Elton Mayo (1880–1949) Australian academic

Source: The Human Problems of an Industrial Civilisation, (1933), p. 1, Chapter 1: Fatigue; Lead paragraph

Lying, Question, Business, Nature

“As open systems, organizations faced an environment that might be placid and benevolent, or turbulent and harsh. Economic, social, political, and technological changes could come rapidly or slowly, and some organizational arrangements might be better able to cope with the changing environment than others. Could it be that there was no one way to structure an organization that design was influenced by environmental factors and could vary, depending on technology?
Joan Woodward (1916–1971) took this contingency view, classified organizations by the complexity of the technology used in producing goods, and found that it influenced an organization’s structure. Her classification, ranging from less complex (1) to more advanced (3), consisted of (1) unit and small-batch production systems that produced made-to-order and customized products to meet consumers’ needs; (2) large-batch and mass production, which involved a fairly standardized or uniform product with but few variations in its final appearance; and (3) long-run continuous-process production, which involved a standard product manufactured by moving through a predictable series of steps.”

Daniel A. Wren (1932) American business theorist

Source: The evolution of management thought, 1972, p. 462-3 (in 2009 edition)

Way, Appearance, Change, Dependency

“One interesting footnote: although Friedman made great strides in macroeconomics by applying the concept of individual rationality, he also knew where to stop. In the 1970s, some economists pushed Friedman’s analysis of inflation even further, arguing that there is no usable trade-off between inflation and unemployment even in the short run, because people will anticipate government actions and build that anticipation, as well as past experience, into their price-setting and wage-bargaining. This doctrine, known as “rational expectations,” swept through much of academic economics. But Friedman never went there.”

Paul Krugman (1953) American economist

"Who Was Milton Friedman?", The New York Review of Books (February 15, 2007)
The New York Review of Books articles

People, Past

“Computer games are embedded in the cultural framework of technological developments. In the study of technological development and creativity, focusing attention on the failure, the error, the breakdown, the malfunction means opening the black box of technology. Studies have convincingly demonstrated that the widespread inability to understand technological artifacts as fabricated entities, as social and cultural phenomena, derives from the fact that in retrospect only those technologies that prove functional for a culture and can be integrated into everyday life are "left over." However, the perception of what is functional, successful and useful is itself the product of social and cultural--and last but not least--political and economic processes. Selection processes and abandoned products and product forms are usually not discussed. According to Langdon Winner, there is a sense in which all technical activity contains an inherent tendency toward forgetfulness.”

Johannes Grenzfurthner (1975) Austrian artist, writer, curator, and theatre and film director

Interview on Furtherfield http://www.furtherfield.org/interviews/interview-johannes-grenzfurthner-monochrom-part-1

Life, Error, Game, Failure

“The orthodox doctrines of economics which were dominant in the last quarter of the nineteenth century had a clear message. They supported laisser faire, free trade, the gold standard, and the universally advantageous effects of the pursuit of profit by competitive private enterprise.”

Joan Robinson (1903–1983) English economist

Introduction, p. vii
Economic Heresies (1971)

Support, Universe

“Let it be said at once: Trump’s victory is primarily due to the explosion in economic and geographic inequality in the United States over several decades and the inability of successive governments to deal with this.”

Thomas Piketty (1971) French economist

We must rethink globalization, or Trumpism will prevail (16 November 2016)

Success, Victory

“One of the crucial problems we have as a party is that we have brought our leadership in from much too narrow a group. Basically Oxbridge graduates, in particular economics graduates, politics graduates, social scientists and lawyers. We need to reconnect to working-class communities, we have to reconnect to ethnic minority communities and bring up real leaders from within the people we represent.”

Maurice Glasman, Baron Glasman (1961) British philosopher

Daily Mail, 30th December 2011 http://www.dailymail.co.uk/news/article-2080445/Oxbridge-Labour-elitist-fails-connect-working-classes-says-Miliband-aide.html#ixzz1icmLbpsx

People, Communication, Problem

“I personally believe that economics is fun and valuable. People who say they found it a nightmare in college just didn't have a good teacher-professor. I became a good teacher-professor as a result of tenacious mentors during my graduate study at UCLA. Professor Armen Alchian, a very distinguished economist, used to give me a hard time in class. But one day, we were having a friendly chat during our department's weekly faculty/graduate student coffee hour, and he said, "Williams, the true test of whether someone understands his subject is whether he can explain it to someone who doesn't know a darn thing about it."”

Walter E. Williams (1936) American economist, commentator, and academic

That's a challenge I love: making economics fun and understandable.
1970s, Economics for the Citizen (1978)

Love, People, Coffee, Understanding

““What was the Depression?”
“Bad economic times in their pure capitalist nation-state,” Aenea said. “Remember, the economy wasn’t really global then, and it depended upon private money institutions called banks, gold reserves, and the value of physical money—actual coins and pieces of paper that were supposed to be worth something. It was all a consensual hallucination, of course, and in the 1930s, the hallucination turned nightmare.””

Dan Simmons book The Rise of Endymion

Source: The Rise of Endymion (1997), Chapter 2 (p. 34)

Money, Time, Dependency

“Economic privation proceeds by easy stages, and so long as men suffer it patiently the outside world cares little.”

John Maynard Keynes book The Economic Consequences of the Peace

Source: The Economic Consequences of the Peace (1919), Chapter VI, p. 250

Men, World, Suffering

“There are 1011 stars in the galaxy. That used to be a huge number. But it's only a hundred billion. It's less than the national deficit! We used to call them astronomical numbers. Now we should call them economical numbers.”

Richard Feynman (1918–1988) American theoretical physicist

from a 1987 class, as quoted in David L. Goodstein, "Richard P. Feynman, Teacher," Physics Today, volume 42, number 2 (February 1989) p. 70-75, at p. 73
Republished in the "Special Preface" to Six Easy Pieces (1995), p. xx.

Star

“Economic interdependence does promote shared interests, but it also creates shared vulnerabilities. … In an adversial context, shared interests provide opportunities for exploitation, not mutual gain.”

Charles A. Kupchan (1958) American university teacher

Source: The End of the American Era (2002), Chapter three: "The False Promise of Globalization and Democracy"

“An Imperial policy must, of course, be carried out with reasonable prudence, and the principles of government which guide our relations with whatsoever races are brought under our control must be politically and economically sound and morally defensible.”

Evelyn Baring, 1st Earl of Cromer (1841–1917) British diplomat

Political and Literary Essays, 1908-1913

“There are immutable Islamic principles which order relations between people, but there is no Islamic economic, social or political structure which cannot be changed… Nothing which can make the world a better place can be rejected out of hand as non-Islamic… In order to be Islamic, a solution must fulfill two conditions: it must be maximally efficient and maximally humane.”

Alija Izetbegović (1925–2003) Chairman of the Presidency of Bosnia and Herzegovina

Source: The Islamic Declaration (1970), p. 31.

People, World, Change

“The social product grows from year to year. Who is now the true creator of this surplus value which grows wildly and beyond any measure? Who can afford to figure out the profit yielded causally adequate by this immense wealth and the series of economic miracles? In concrete terms: who is the legitimate distributor of the social product and who actually assesses the shares in practical life? As long as the issue is about value, all such questions must above all be formulated as economic questions.”

Carl Schmitt (1888–1985) German jurist, political theorist and professor of law

"The Tyranny of Values" (1967)

Life, Question, Wealth

“Once a full-employment policy has been adopted… the economic ’system’ just on that account is significantly different. Its equilibrium position has been shifted to a rising curve of trend close to and following the employment ceiling. The conditions of stability about this new level are radically different because the region of operation is now within the less flexible and sharply non-linear range of employment saturation”

Arnold Tustin (1899–1994) British engineer

Source: The Mechanism of Economic Systems (1953), p. 128

“In the slow accretion of self-images that is the mortar between periods in the history of our civilization, a third character ideal emerged, in part from the failure of the previous two [political man and religious man]: economic man, one who would cultivate rationally his very own garden, meanwhile solacing himself with the assumption that by thus attending to his own lower needs a general satisfaction of the higher needs would occur. A moral revolution was the result: what had been lower in the established hierarchy of human interests was asserted to be higher.”

Philip Rieff (1922–2006) American sociologist

"Reflections on Psychological Man in America," The Feeling Intellect (1990), p. 4

History, Failure, Parting

“Clearly, the broad effect of economic evolution until about 1920 was to increase the concentration of jobs in the cyclically volatile industries, and this was a major force tending to intensify declines of employment during business contractions. Since then, the continued progress of technology, the very factor which originally was mainly responsible for the concentration in the cyclical industries, has served to arrest this tendency. The upward trend of production in manufacturing and the other highly cyclical industries has remained rapid in recent decades.”

Arthur F. Burns (1904–1987) American economist and diplomat

Source: "Progress Towards Economic Stability", 1969, p. 109-110

Business

“Great Britain could have no other object but to use her whole influence and resources consistently over a long period of years to weave France and Germany so closely together economically, socially and morally, as to prevent the occasion of quarrels and make their causes die in a realization of mutual prosperity and interdependence.”

Winston S. Churchill book The World Crisis

The World Crisis, The Aftermath : Chapter XX (The End of the World Crisis), Churchill, Butterworth (1929), p. 457.
Early career years (1898–1929)

“After the end of the year election and the set up of the second National Economic Development Advisory Conference, I shall start to improve the economy.”

Chen Shui-bian (1950) Taiwanese politician

November 1, 2005
Pet Phrases, 2005

“Macro-economic policy had accelerated the "expulsion" of landless peasants from the countryside leading to the formation of a nomadic migrant labor force moving from one metropolitan area to another.”

Michel Chossudovsky (1946) Canadian economist

Source: The Globalization of Poverty and the New World Order - Second Edition - (2003), Chapter 13, Debt and "Democracy" in Brazil, p. 200

“Castles were more than military posts; they were the centers of political and economic power. As government headquarters they were built to impress the local population as well as visitors and rivals. While power was spread among great tenants-in-chief in a system of delegated government, castles in each territory were places where local lords collected taxes, settled disputes, and administered justice.”

Marilyn Stokstad (1929–2016) art historian

Source: Medieval castles (2005), Ch. 3 : The Castle as Headquarters : The Political and Economic Role of the Castle

Justice

“Certainly, there is no general principle that prevents the creation of an economic theory based on other hypotheses than that of rationality.”

Kenneth Arrow (1921–2017) American economist

1970s-1980s, "Rationality of Self and Others in an Economic System", 1986

“The delicate and intricate pattern of competition and cooperation in the economic behavior of the hundreds of thousands of citizens of Stockholm offers a challenge to the economist that is perhaps as complex as the challenges of the physicist and the chemist.”

George Stigler (1911–1991) American economist

"George J. Stigler - Banquet Speech," 1982

Behavior

“Yet even here all these peoples have remained rooted in their sacred homelands for centuries. Though oppressed and colonized by outsiders, they have never been expelled en masse, and so the theme of restoration to the homeland has played little part in the conceptions of these peoples. There are, however, two peoples, apart from the Jews, for whom restoration of the homeland and commonwealth have been central: the Greeks and the Armenians, and together with the Jews, they constitute the archetypal Diaspora peoples, or what John Armstrong has called ‘mobilized diasporas° Unlike diasporas composed of recent mi migrant workers—Indians, Chinese and others in Southeast Asia, East Africa and the Caribbean— mobilized diasporas are of considerable antiquity, are generally polyglot and multi-skilled trading communities and have ancient, portable religious traditions. Greeks, Jews, and Armenians claimed an ancient homeland and kingdom, looked back nostalgically to a golden age or ages of great kings, saints, sages and poets, yearned to return to ancient capitals with sacred sites and buildings, took with them wherever they went their ancient scriptures, sacred scripts and separate liturgies, founded in every city congregations with churches, clergy and religious schools, traded across the Middle East and Europe using the networks of enclaves of their co-religionists to compete with other ethnic trading networks, and used their wealth, education and economic skills to offset their political powerlessness)”

Anthony D. Smith (1939–2016) British academic

Source: Myths and Memories of the Nation (1999), Chapter: Greeks, Armenians and Jews.

People, Age, Education, School

“…A government as large as the modern megastate cannot conceivably be controlled by a well-informed public, since it is literally impossible to be knowledgeable about even a fraction of the many complex matters modern governments are called upon to govern. … The attraction of free markets … is that they have self-correcting features that place far smaller demands on anyone’s knowledge than democracy does. Each person concerns herself with her own life and the system, supposedly, runs itself. Interpreted in this way, the literature on public ignorance could form the basis of the consequentialist argument the postwar free-market economists sought, but never found … against all government economic intervention: for even if it cannot be shown, on economic grounds, that every intervention hurts more than it helps, it might be shown, on political grounds, that by opening the door to helpful interventions, we begin sliding toward the unhelpful ones on a slope slippery with public ignorance.”

Jeffrey Friedman (political scientist) (1959) American political scientist

Source: “What’s wrong with Libertarianism”, p. 455

Life, Way, Democracy, Literature

“The national Democratic Party and its southern affiliates labored mightily to re-subjugate the newly free blacks, eventually succeeding by implementing Jim Crow laws, motivating the birth of the Klan and then protecting it, establishing separate-but-equal schools and public facilities, and enacting codes of lawful segregation, all of which Democrats defended in a fight to the death until the 1960s. In U. S. history, from the ratification of the Constitution to the economic devastation wrought by Obama on contemporary black Americans, the men and women who run Democratic Party, from Jefferson and Jackson forward, have been the ferocious enemy of black Americans entering the mainstream of American life, to this day bending every tool of political power to keep them angry, unemployed, mired in poverty, and politically and economically dependent in a manner that approaches quite near to re-enslavement.”

Michael Scheuer (1952) American counterterrorism analyst

As quoted in Michael Scheuer's Non-Intervention https://archive.is/QBuxT (22 June 2015), by M. Scheuer. 2010s

Life, Death, Women, Men

“Economics is a subject that really relates to core aspects of human well-being, and there’s a methodology for thinking about these things. This was a very appealing combination to me. Market systems are capable of massive breakdowns that can result in long, devastating periods of high unemployment. And I felt that economists had really learned something about how to address that.”

Janet Yellen (1946) American economist and professor

The Hand on the Lever (2014)

Thinking, Learning

“System theories have been applied to a wide spectrum of empirical cases and policy issues. Parsons and his followers, in particular, applied their systems theory to diverse empirical phenomena in sociology as well as in other disciplines: modernization, economics, politics, social order, industrialization and development, Fascism and McCarthyism, international relations, social change and evolution, complex organizations, health care, universities, religion, professions, small groups, and family as well as abstract questions such as the place of norms in maintaining social order both historically and cross-nationally. Marxian theory and dynamic system theories have also been applied to a spectrum of diverse empirical and policy subjects.”

Tom R. Burns (1937) American sociologist

Source: Systems theories (2006), p. 4.

Health, Family, Religion, Question

“When more of the people's sustenance is exacted through the form of taxation than is necessary to meet the just obligations of government and expenses of its economical administration, such exaction becomes ruthless extortion and a violation of the fundamental principles of free government.”

Grover Cleveland (1837–1908) 22nd and 24th president of the United States

Second Annual Message (December 1886).

People

“Unlike Hegel’s progress model of history, which moves by stages, each containing its own logic of growth and decline, the economic model develops as the simple function of one money-variable over time, with a long-term trend which increases monotonically.”

John Carroll (1944) Australian professor and author

Source: Break-Out from the Crystal Palace (1974), p. 168

Money, History, Time

“Whatever form it takes, the possession of the imaginative gift transforms the problem of accounting for human conduct. For now it is not a question of how given needs are satisfied. Deliberative conduct, choice, the prime economic act, depend for their possibility, when they go beyond pure instinctive animal response to stimulus, upon the conceptual power of the human mind. Choice is necessarily amongst thoughts, amongst things imagined.”

G. L. S. Shackle (1903–1992) British economist

Source: Epistemics and Economics. (1972), p. 130

Imagination, Question, Problem, Animals

“The problem is rather that many African states lack the capacity to establish the crucial conditions for capital accumulation and, additionally, act in economically irrational ways. This nondevelopmental or even antidevelopmental thrust is manifest in the mismanagement, inefficiency, and pervasive corruption of the public sector as well as political instability and the inability to prevent widespread evasion of laws and regulations.”

Richard Sandbrook (1946–2005) environmentalist

Source: The State and Economic Stagnation in Tropical Africa, p. 321

Law, Way, Problem

“The economic doctrine of Adam Smith is the doctrine of Mandeville set out in a form which is no longer paradoxical and literary, but rational and scientific.”

Bernard Mandeville (1670–1733) Anglo-Dutch writer and physician

La doctrine économique d'Adam Smith, c'est la doctrine de Mandeville, exposée sous une forme non plus paradoxale et littéraire, mais rationnelle et scientifique.
Élie Halévy La formation du radicalisme philosophique (Paris: F. Alcan, 1901-4) vol. 1, p. 162; Mary Morris (trans.) The Growth of Philosophic Radicalism (Clifton, N.J.: A. M. Kelley, 1972) p. 90.
Criticism

“If it were not for the hope that a scientific study of men's social actions may lead, not necessarily directly or immediately, but at some time and in some way, to practical results in social improvement, not a few students of these actions would regard the time devoted to their study as time misspent. That is true of all social sciences, but especially true of economics. For economics "is a study of mankind in the ordinary business of life"; and it is not in the ordinary business of life that mankind is most interesting or inspiring.”

Arthur Cecil Pigou (1877–1959) British economist

Source: The Economics of Welfare (1920), Ch. 1 : Welfare and Economic Welfare, § 1

Life, Men, Hope, Way

“All native-born Americans, directly or indirectly, have the advantage of our schools, our colleges, and our religious bodies. It is our belief that America could not otherwise exist. Faith in mankind is in no wise inconsistent with a requirement for trained citizenship, both for men and women. No civilization can exist without a background—an active community of interest, a common aspiration—spiritual, social, and economic. It is a duty our country owes itself to require of all those aliens who come here that they have a background not inconsistent with American institutions.”

Calvin Coolidge (1872–1933) American politician, 30th president of the United States (in office from 1923 to 1929)

1920s, Whose Country Is This? (1921)

Women, Men, School, Faith

“I think that puts a spotlight on the need to have policy proposals to address concerns that people have, including and especially the voters who have been supporting Donald Trump. I think the solution to that to those who share that concern is to have more conservative proposals, more proposals for reform that involve constitutionally limited government, that involve economic and social conservatism. If we can offer up proposals that address the concerns that are driving people in that direction I think we'd be better off for it. A lot of people feel left out by a government that taxes too much and regulates them too heavily and seems to result in a set of circumstances where economic and political incumbents benefit at everybody else's expense. You have six of the ten wealthiest counties in America surround Washington, D. C., and the poor and middle class are getting squeezed while people at the top and people with influence in government seem always to be doing better.”

Mike Lee (U.S. politician) (1971) American politician

Exclusive interview with Mike Lee: Why I want to join Senate leadership http://www.washingtonexaminer.com/exclusive-interview-with-mike-lee-why-i-want-to-join-senate-leadership/article/2588278 (April 12, 2016)

People, Feeling, Support, Thinking

“Republicans have taken the stand that economic opportunity is central to the American ideal and that it is the government's responsibility to make it possible for everyone to rise.”

Heather Cox Richardson American historian

To Make Men Free: A History of the Republican Party https://books.google.com/books?id=s-JzAgAAQBAJ&pg=PP2&dq=to+make+men+free+a+history&hl=en&sa=X&ved=0CCIQ6AEwAWoVChMIq97csor9xwIVRJkeCh3tvg7i#v=onepage&q=to%20make%20men%20free%20a%20history&f=false (2014), p. ix

“Let's consider first Hayek's claim that prices in free market capitalism do not give people what they morally deserve. Hayek's deepest economic insight was that the basic function of free market prices is informational. Free market prices send signals to producers as to where their products are most in demand (and to consumers as to the opportunity costs of their options). They reflect the sum total of the inherently dispersed information about the supply and demand of millions of distinct individuals for each product. Free market prices give us our only access to this information, and then only in aggregate form. This is why centralized economic planning is doomed to failure: there is no way to collect individualized supply and demand information in a single mind or planning agency, to use as a basis for setting prices. Free markets alone can effectively respond to this information.
It's a short step from this core insight about prices to their failure to track any coherent notion of moral desert. Claims of desert are essentially backward-looking. They aim to reward people for virtuous conduct that they undertook in the past. Free market prices are essentially forward-looking. Current prices send signals to producers as to where the demand is now, not where the demand was when individual producers decided on their production plans. Capitalism is an inherently dynamic economic system. It responds rapidly to changes in tastes, to new sources of supply, to new substitutes for old products. This is one of capitalism's great virtues. But this responsiveness leads to volatile prices. Consequently, capitalism is constantly pulling the rug out from underneath even the most thoughtful, foresightful, and prudent production plans of individual agents. However virtuous they were, by whatever standard of virtue one can name, individuals cannot count on their virtue being rewarded in the free market. For the function of the market isn't to reward people for past good behavior. It's to direct them toward producing for current demand, regardless of what they did in the past.
This isn't to say that virtue makes no difference to what returns one may expect for one's productive contributions. The exercise of prudence and foresight in laying out one's production and investment plans, and diligence in carrying them out, generally improves one's odds. But sheer dumb luck is also, ineradicably, a prominent factor determining free market returns. And nobody deserves what comes to them by sheer luck.”

Elizabeth S. Anderson (1959) professor of philosophy and womens' studies

How Not to Complain About Taxes (III): "I deserve my pretax income" http://left2right.typepad.com/main/2005/01/how_not_to_comp_1.html (January 26, 2005)

People, Way, Behavior, Exercises

“Though the war ended forever the possibility of disunion, there still remain problems between State and Federal authority. There are divisions of interest, perhaps more apparent than real, among geographical sections or social groups. The seaboard thinks it has interests in maritime transportation and overseas commerce which differ greatly from those of the interior, which is peculiarly dependent upon railroads. Difference in climate and physical conditions throughout so great a territory tend to varied social habits and modes of living which react upon the economic and political attitudes. The industrial development of some sections contrasts with the agricultural character of others. Obviously, these differences give rise to many problems in government, which must always be recognized. But it is hardly conceivable that a really menacing contest between the sovereignty of the States and of the Union could ever again arise.”

Calvin Coolidge (1872–1933) American politician, 30th president of the United States (in office from 1923 to 1929)

1920s, The Reign of Law (1925)

War, Problem, Thinking, Dependency

“As the entire middle class, the bourgeois and petty bourgeois intelligentsia, boycotted the Soviet government for months after the October Revolution and crippled the railroad, post and telegraph, and educational and administrative apparatus, and, in this fashion, opposed the workers government, naturally all measures of pressure were exerted against it. These included the deprivation of political rights, of economic means of existence, etc., in order to break their resistance with an iron fist. It was precisely in this way that the socialist dictatorship expressed itself, for it cannot shrink from any use of force to secure or prevent certain measures involving the interests of the whole.”

Rosa Luxemburg (1871–1919) Polish Marxist theorist, socialist philosopher, and revolutionary

The Russian Revolution (1918)

Education, Way, Fashion, Nature

“Why, then, should we have to lower our living standards? What is the mysterious source of the economic loss? If productivity is increasing, why should we sacrifice services and wages?”

Robert Kuttner (1943) American journalist

Epilogue: Politics, p. 272
The Economic Illusion (1984)

Loss

“Even when labor is subjugated by capital it always necessarily maintains its own autonomy, and this ever more clearly true today with respect to the new immaterial, cooperative and collaborative forms of labor. This relationship is not isolated to the economic terrain but, as we will argue later, spills over into the biopolitical terrain of society as a hole, including military conflicts. In any case, we should recognize here that even in asymmetrical conflicts victory in terms of complete domination is not possible. All that can be achieved is a provisional and limited maintenance of control and order that must constantly be policed and preserved. Counterinsurgency is a full-time job.”

Antonio Negri book Multitude: War and Democracy in the Age of Empire

54
Multitude: War and Democracy in the Age of Empire

Time, Victory

“Our new economic approach is rooted in ideas which stress the importance of macro-economics, post neo-classical endogenous growth theory and the symbiotic relationships between growth and investment, and people and infrastructure.”

Gordon Brown (1951) British Labour Party politician

Michael White, "The gift of tired tongues", The Guardian, 30 September 1994; Norman Macrae, "You've never had it so incoherent", Sunday Times, 2 October 1994.
Speech at an economic seminar, Tuesday 27 September 1994.
Member of Parliament

People, Idea

“We are Socialists, enemies, mortal enemies of the present capitalist economic system with its exploitation of the economically weak, with its injustice in wages, with its immoral evaluation of individuals according to wealth and money instead of responsibility and achievement, and we are determined under all circumstances to abolish this system! And with my inclination to practical action it seems obvious to me that we have to put a better, more just, more moral system in its place, one which, as it were, has arms and legs and better arms and legs than the present one!”

Gregor Strasser (1892–1934) German politician, rival of Adolf Hitler inside the Nazi Psrty

" Thoughts about the Tasks of the Future https://books.google.com/books?id=fG_oAAAAIAAJ&pg=PA87", by Gregor Strasser - (1926 June 15)

Money, Wealth

“Economic life, as always, is a matrix in which result becomes cause and cause becomes result.”

John Kenneth Galbraith (1908–2006) American economist and diplomat

Source: Money: Whence It Came, Where It Went (1975), Chapter XIV, When The Money Stopped, p. 192

Life

“Consideration of a further possibility, namely that of constructing physical systems that are analogues of the economic system, and of observing and recording their behaviour.”

Arnold Tustin (1899–1994) British engineer

Source: The Mechanism of Economic Systems (1953), p. vi

“The critical thing, I mean, what I would keep my eye on, is private property. If the state can take away property that you owned, that you've lived on, and give it to a developer because that's good for economic development, not to mention the developer gives lots of money to the local politicians, if private property goes, then in my view there is no safeguard whatsoever, and I would always keep my eye on the relationship with government to private property.”

Alan Charles Kors (1943) American academic

2010s, Socialism's Legacy (2011), Q&A

Money

“Things would have worked out a lot better if we had bought our first television set a year earlier, in 1950, so that I could have watched DiMaggio while he was still great. Then I could have shared with my father and other people the vision of the eternal baseball star. It might even have helped me to have more appreciation for some of my elders in the economics profession. But maybe I should be worrying instead about what the young hot shots in economics are thinking of me.”

Robert Barro (1944) American classical macroeconomist

Source: Nothing Is Sacred (2002), p. 65

People, Star, Thinking, Help

“A reduction in the liberty of the least well off cannot be justified even if it is to their economic advantage.”

Nicholas Barr (1943) British economist

Source: Economics Of The Welfare State (Fourth Edition), Chapter 3, Political Theory: Social Justice And The State, p. 49

“The most fundamental liberal failure of the current era: the failure to embrace a moral vision of America based on the transcendent faith that human beings are more than the sum of their material appetites, our country is more than an economic machine, and freedom is not license but responsibility.”

Bill Moyers (1934) American journalist

"For America's Sake" speech (12 December 2006), as quoted in Moyers on Democracy (2008), p. 21

Faith, Failure, Freedom, Country

“Canada has no cultural unity, no linguistic unity, no religious unity, no economic unity, no geographic unity. All it has is unity.”

Kenneth E. Boulding (1910–1993) British-American economist

Kenneth Boulding cited in: World Union (Organization) (1982) World union. Vol 22. p. 35
1980s

“Roaming the world as a foreign correspondent for more than a decade, I was able to observe how a variety of vastly different nations organized themselves economically. The inescapable conclusion was that no politician anywhere on the planet has ever actually created a rupee's worth of prosperity.”

Louis Rukeyser (1933–2006) American journalist

Louis Rukeyser's Wall Street newsletter, Nov 96

World

“War is not horrible all the time, as pacifists seem to believe. There are compensations for everything, and there is compensation in comradeship, intimacy, freedom from economic anxiety, the knowledge that once one's mind is adjusted to the worst that can happen – and that is a pretty bad and bloody wound or swift and sudden death – one settled down to existence as an Infantryman. Man is an adaptable animal – I acknowledge that myself. I adapted myself more easily to the environment of the trenches with its lice, filth, heat, stench, flies, dysentery, danger – I adapted myself to these more successfully, I repeat, than I have been able to adapt myself to this life as a shopkeeper.”

William Darling (politician) (1885–1962) Scottish politician

Source: The Bankrupt Bookseller (1947), p. 239

Life, Death, War, Knowledge

“The statistical study presented in the following pages may be best defined as an attempt to construct, on the basis of available statistical materials, a Tableau Economique of the United States for 1919 and 1929. One hundred and fifty years ago, when Quesnay first published his famous scheme, his contemporaries and disciples acclaimed it as the greatest discovery since Newton’s laws. The idea of general interdepence among the various part of the economic system has become by now the very foundation of economic analysis. Yet, when it comes to the practical application of this theoretical tool, modern economists must rely exactly as Quesnay did upon fictitious numerical examples.”

Wassily Leontief (1906–1999) Russian economist

Source: Structure of American economy, 1919-1929, 1941, p. 9.

Law, Idea, Study, Parting

“Effectiveness is doing the things that get you closer to your goals. Efficiency is performing a given task (whether important or not) in the most economical manner possible. Being efficient without regard to effectiveness is the default mode of the universe.”

Timothy Ferriss book The 4-Hour Workweek

The 4-Hour Workweek (2007)

Universe

“I have nothing against the people. I don’t hate Muslims. But Islam is a totalitarian ideology. It rules every aspect of life — economics, family law, whatever. It has religious symbols, it has a God, it has a book — but it’s not a religion. It can be compared with totalitarian ideologies like Communism or fascism. There is no country where Islam is dominant where you have a real democracy, a real separation between church and state.”

Geert Wilders (1963) Dutch politician

Who Says Islam Is Totalitarian?, National Review Online (2009 interview with Jeff Jacoby), 19 October 2010 http://www.nationalreview.com/articles/250189/who-says-islam-totalitarian-andrew-c-mccarthy?page=3, 2000s

Life, God, Hate, People

“Aristotle laid the foundation of the distinction between use-value andexchange-value, which has remained a part of economic thought to the present day.”

Eric Roll, Baron Roll of Ipsden (1907–2005) British economist

Source: A History of Economic Thought (1939), Chapter I, The Beginnings, p. 34-35

Parting

“A market is not politically neutral; its existence creates economic power which one actor can use against another.”

Robert Gilpin (1930–2018) Political scientist

Source: The Political Economy of International Relations (1987), Chapter One, Nature of Political Economy, p. 23

“I have always believed that people have misjudged the accuracy of economic forecasting… During the 1980s and 1990s, I researched and applied methods of high frequency economic forecasting, to be used by themselves, and for objective establishment of initial conditions for longer range forecasts from structural dynamic models that carry forward the pioneering contributions of Jan Tinbergen.”

Lawrence Klein (1920–2013) American economist

People

Quotes about economics page 9

Quotes about economics
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